Mumbai: The price of precious metals continued its downfall in the commodity market. On the Multi Commodity Exchange (MCX), the gold futures fell 1.3% or Rs 600 to a four-month low of Rs 46,029 per 10 grams. Silver futures decreased 1.6% or Rs 1,000 to Rs 63,983 per kg. In the previous session, gold and silver had plunged about Rs 1,000 and Rs 2,000 respectively.
The price of sovereign gold slipped down in the Kerala market. On Monday, the prices fell by Rs 400 to reach at Rs 34,680 per 8 grams. One gram gold is at Rs 4335, down by Rs 50. In the last one week, gold prices fell by Rs 1320. On Saturday, the price of yellow metal slipped by Rs 600.
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In the international markets, gold rates slipped as much as 4.4%. Spot gold were down 2.3% to US dollar 1,722.06 per ounce. Silver was down 2.6% at US dollar 23.70. Holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell to 1,025.28 tonnes on Friday, from 1,027.61 tonnes on Thursday.